USD/CAD – 30M – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) moves from the ascending trendline down.
A bearish descent down to the next support line at 1.43827 is likely expected.
Caution: A possible counter-trend in the direction of the resistance level at 1.44632 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Bearish Engulfing’ candle pattern is discovered. The chart forms ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44632 |
| Current Price | 1.44435 |
| Next Low | 1.43827 |
| 2nd Low | 1.43687 |
| 3rd Low | 1.43633 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing